Home > Uncategorized > Citigroup Gets $306 billion…Businessworld

Citigroup Gets $306 billion…Businessworld

The US government agreed to a $306 billion rescue plan for Citigroup Inc, agreeing to shoulder some losses from toxic debt in the latest attempt to bolster a financial services industry in turmoil.

Citigroup’s package may also prove a template for other banks that are expected to face growing losses as economies worldwide sink into recession.

Credit losses once concentrated in mortgages are already bleeding into new, large areas such as credit cards and commercial real estate.(via Businessworld – Citigroup Gets $306 billion…)

Each time …

We think this is the last one, and another crops up. It is going to be a long night…

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